Loan Insurance

Life Happens. Make a Plan with Loan Insurance!

planAt the credit union, we offer several options to help insure you in case the unthinkable happens. If you are considering getting a loan with Section 705 or already have a loan with us, these loan insurance options may be a precaution you wish to take. Check out the options below. If you have any questions, email our Senior Loan Officer Cassie Theriot at cassie_theriot@section705.com.

Loan Insurance

Credit Disability Insurance

Credit Disability Insurance May Save Your Finances!

Although it may be haloan insurancerd to imagine, accidents can happen to any of us at any time. Getting this coverage is a great precaution to take for anyone whose family’s well-being depends either partly, or wholly, on their ability to provide financially. Below, we’ve answered many common questions that may help you to better understand this insurance and whether or not it’s right for you. If you have any other questions, feel free to contact us anytime to discuss your personal situation with one of our caring staff members.

1-What is Member’s Choice Credit Disability Insurance? It’s a way to help cover you and your family. There’s no way to completely prepare for a total disability due to injury or a medical-related illness, but you can take steps along the way to make sure that your family is provided for if the unforeseen were to happen. Member’s Choice Credit Disability Insurance helps to pay your loan when you and your family need it most.

2-How does it work? The premium for the insurance is included in your monthly loan payment. If you have a balance on your loan at the time of a total disability, Member’s Choice Credit Disability Insurance can help. By taking a few simple steps while signing your loan paperwork, you’re helping take responsibility for your family’s financial future. Your loan officer can show you how. You won’t receive extra bills or statements; everything is included in your payment. You’re never stuck with this coverage either! You can cancel within the first 30 days for a full refund, or any time after that if you change your mind. If at any point you have questions, or if you need to file a claim, simply contact the credit union. Once you complete the loan documents, coverage begins for eligible borrowers.

3-Why is it valuable? You and your family won’t have to make loan payments–Member’s Choice Credit Disability Insurance will help pay your loan while you’re totally disabled.* Regular disability insurance only covers a fraction of your salary, and that’s only IF you qualify. Our disability insurance helps close the gap. It’s a safety net for your family so they don’t have to use savings while you’re totally disabled or medically ill.

*For terms of your contract agreement; up to your policy maximum.

Credit Life Insurance

Credit Life Insurance? Be Prepared!

Although it may bloan insurancee hard to imagine, accidents can happen to any of us at any time. Getting this coverage is a great precaution to take for anyone whose family’s well-being depends either partly, or wholly, on their ability to provide financially. Below, we’ve answered many common questions that may help you to better understand this insurance and whether or not it’s right for you. If you have any other questions, feel free to contact us anytime to discuss your personal situation with one of our caring staff members.

If you do select insurance, your term will be extended for up to 6 months in order to keep payments low and affordable while protecting your loan with Section 705.

1-What is MEMBER’S CHOICE Credit Life Insurance? It’s a way to help cover your family. There’s no way your family can prepare for an unexpected death, but you can take steps along the way to make sure your family is provided for if the unexpected occurs. MEMBER’S CHOICE Credit Life Insurance helps pay your loan, so your loved ones don’t have to.*

2-How does it work? The premium is included in your monthly loan payment. If you have a balance on your loan at the time of your passing, MEMBER’S CHOICE Credit Life Insurance can help. By taking a few simple steps while signing your loan paperwork, you’re helping take responsibility for your family’s financial future. Remember that you don’t have to do this alone; your loan officer will help you along the way. You won’t receive extra bills or statements; everything is included in your monthly payment.

You’re never stuck with this coverage either! You can cancel within the first 30 days for a full refund, or any time after that if you change your mind. If at any point you have questions, or if your family needs to file a claim, simply contact your credit union. Once you complete the loan documents, coverage begins for eligible borrowers.

3-Why it is valuable? Your family won’t have to make loan payments–MEMBER’S CHOICE Credit Life Insurance will pay off the loan, and your family may not have to make payments from savings, or from other life insurance.* Your life insurance may be used for your family’s other expenses.

GAP Protection

GAP Might Be the Answer to A New Vehicle!

If your vehicle is totaled, the value that your insurance company places on your vehicle may be substantially less than its actual retail value or the amount you owe on your loan. If you add your deductible payment to this amount, you could be left owing thousands of dollars. Obviously, this is not an ideal situation for anyone. Thankfully, Section 705 FCU has a solution for you.

GAP protection takes care of the difference between the insurance settlement and the loan payoff if there is a deficiency balance left over. Coverage is available on new or used automobiles, motorcycles, watercraft, ATV’s, and travel trailers. The protection covers the original loan amount up to $50,000 of the value lost due to theft, collision, fire or any other insured peril.

In essence, GAP protection is your “Peace of Mind” policy. Knowing that you will not be responsible for any deficiency balance or deductible while having to replace your lost vehicle should be a main concern to push you in the direction of choosing GAP protection plan.

To receive this valuable protection, simply pay an affordable one-time fee of $210, which can also be financed with your vehicle purchase.

For more information or to purchase GAP protection, feel free to contact us today!

 

 

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